S&P, Dow hit record highs as oil, bank stocks gain

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The Dow and the S&P 500 hit record intraday highs on Wednesday, fueled by gains in energy and bank stocks.

Oil prices soared 7.4 percent as some of the world's largest producers agreed to curb oil output for the first time since 2008.

Shares of oil majors Exxon and Chevron rose more than 2 percent and were the top stocks on the S&P and the Dow.

The S&P 500 energy index rose 3.65 percent as oil prices were on track for their best day since February.

November is set to be Wall Street's best month since March, with the markets rallying on Donald Trump's victory in the U.S. presidential election.

Investors expect the market to benefit from Trump's policies, including higher spending on infrastructure and simpler regulations in the healthcare and banking industries.

U.S. private employers stepped up hiring in November and consumer spending increased last month, the latest signs of economic strength that could further cement the case for an interest rate hike.

Traders have currently priced in an 89 percent chance of the Fed raising rates at its meeting next month, according to Thomson Reuters data. A crucial monthly hiring report on Friday is likely to play a big role in the central bank's deliberations.

The financial index rose 1.42 percent, while seven of the 11 major S&P sectors fell.

At 9:43 a.m. ET the Dow Jones industrial average was up 94.4 points, or 0.49 percent, at 19,216, after hitting an all-time high of 19,225.29. The S&P 500 was up 9.08 points, or 0.41 percent, at 2,213.74. The index hit a high of 2,214.10. The Nasdaq Composite was up 11.68 points, or 0.22 percent, at 5,391.60. Fed Board Governor Jerome Powell and Cleveland Fed president Loretta Mester are due to speak at separate events later in the day.